Swansea, Wales-based Marine Power Systems (MPS) has been awarded more than €13 million in EU funding to further their wave-generation technology.
The grant will support the company’s next stage of development of an underwater device, named WaveSub, which is capable of capturing powerful wave energy, which it’s hoped, will soon be ready for launch.
The technology was invented by two Swansea University graduates, Dr Gareth Stockman and Dr Graham Foster, which led to founding of MPS in 2008.
The Welsh government has been working alongside MPS to support the development.
Whilst announcing the funding, First Minister Mark Drakeford said: “We want Wales to be a leading player in the marine energy sector. This means supporting Welsh developers like Marine Power Systems; continuing to attract developers from around the world to Wales and exporting our knowledge, technology and services globally.
“WaveSub is a pioneering project and today’s investment allows the company to take a major step towards these goals. This is excellent news for the marine energy industry in Wales.”
MPS hopes to raise approximately €6 million in investment over the coming months to support the next development phase.
Dr Stockman, Chief Executive of the company added: “Having recently concluded testing on our quarter-scale prototype WaveSub device, this funding is a solid endorsement of the progress that MPS has made with the WaveSub’s development.
“With our talented team of engineers and a network of highly-experienced suppliers behind us, MPS is confident it can make great strides as a world leader in the marine energy sector.”